Features and Benefits of NEFT National Electronic Fund Transfer

NEFT or National Electronic Fund Transfer is a traditional and cost-effective way of transferring money online from one bank account to another. The payment system is available round the clock all through 365 days. Let’s get to know some of the features and benefits of NEFT online.

At present, we have various methods of transferring money online, such as UPI, digital wallets, and more. These payment solutions have grown exponentially in the recent past due to many reasons. But traditional electronic fund transfer options like NEFT is still the most preferred choice as it is a trusted source of payment among several users as it has safety protocols in place. Let’s understand more about NEFT in detail.

What is NEFT?

The NEFT or National Electronic Funds Transfer is an electronic payment system that allows users to initiate direct one-to-one payment anywhere across the country. One can send money to the beneficiary only if he or she has a bank account with any branch in the country. You can also do NEFT using online modes like mobile banking and internet banking.

Features of NEFT:

• Availability: In accordance with the RBI guidelines, the NEFT transfer facility is available round the clock

• No transaction charges: No transaction charges are applicable if the payment is initiated through internet banking or mobile banking app like ICICI Bank iMobile Pay app

• Minimum transaction limit: The minimum transaction limit is Rs.1, and the maximum transaction limit is Rs.10 to Rs.25 Lakh (based on customer segment) if you are doing it between 01.00 h?– 19.00 h? . At ICICI Bank, if you are doing in 2nd & 4th Saturday, Sunday & RTGS Holidays, the maximum transfer of funds is Rs.2 lakhs

• Nominal Charges: If you are doing the NEFT transaction by visiting the bank brand at ICICI Bank, the following nominal charges are applicable

Benefits of NEFT:

• Accessibility: NEFT online transfer can be accessed 24*7 through ICICI Bank Internet Banking and iMobile Pay App

• Minimal Charges: This is the most cost-effective mode of online transfer of funds as you don’t have to incur much transaction charges

• Transfer Funds across India: Through ICICI Bank’s NEFT, you can initiate fund transfer pan India with a large network of branches

• Free Charges: ICICI Bank savings account customers do not have to face any charges for online NEFT transactions

• Receive Confirmation: There is quick confirmation of the transaction to both parties via SMS

• Easy Payments: You can use NEFT for payment of loan EMIs, credit card dues, among others

Here’s how you can perform NEFT using the ICICI Bank’s iMobile Pay - a UPI and Banking app:

• Step 1: Download the iMobile Pay app & select your Login MPIN or Fingerprint

• Step 2: Go to “Send Money”, as mentioned on the dashboard.

• Step 3: Click on the ‘Add/Manage Payee’ option and then select the beneficiary type “ICICI Bank Payee” or ‘Other Bank Payee’

• Step 4: Fill in the beneficiary account details, IFSC code and other details.

• Step 6: Click on ‘Add’, then click on ‘Confirm’

• Step 7: Once successfully authenticated, the Payee is available for transactions and while sending money to the beneficiary, click on “NEFT” as the payment option